Everythingfx
clear inverse head and shoulders pattern on this pair to 1.3500We can see that after price has come near the K.L of 1.3250, there has been a pullback 3 times. Could this indicate that price has found resistance and we could be heading back towards 1.2500? The moving averages are still crossed over to the downside but price is in the middle of them meaning we can see a change of direction soon. BUT we can see that there has been weeks of bullish movements which can continue this week and head back towards 1.3250 then 1.3500.
GBP/USD Short to 1.3250on Cable we have a Break of the Weekly Trendline and weekly Closure below monthly support at 1.3250. A retest to the zone and break below the Moving Averages has indicated a bearish Move potential with a 250 Pip Decline very Possible in the following weeks.
I am looking to Short GBP/USD Following the Monday Open
USDCAD - Daily. Area of interestReasons to look at potentially going short;
- Third touch of descending trendline
- 61.8 fib retracement
- Back testing Short term support now possible resistance
- Heading towards dynamic resistance (200MA)
Things to consider before;
- A lot of buying pressure over the last few days (2 of 3 Strong Bullish Candle closures)
- DXY looking bullish, Could see some more dollar strength before anything
- Scale down to lower timeframes and look for a break of the ascending trendline before taking shorts
Longterm if we get the signal to go short and it all plays out then 124.200 could be a good target.